Halliburton’s third-quarter results showed steady growth overall, but one detail stood out — cementing activity in U.S. Land declined.
Wells Drilled in the US Last 12 Months
Includes: Account, Well Name, Locations, Contractor and Rig….
The Numbers
- North America revenue: $2.4 billion, up 5% from Q2.
- Main growth driver: More stimulation work in U.S. Land and Canada.
- Offset: “Lower cementing activity in U.S. Land,” according to the quarterly report. halliburton-announces-third-qua…
What’s Going On
Cementing is one of the earliest steps in drilling and well construction. When activity shifts toward completions and refracs — instead of new wells — cementing naturally cools off.
Halliburton’s Q3 results hint at exactly that:
- Operators are focusing on completing existing wells rather than starting new ones.
- Cementing demand dropped in the U.S., while cementing increased in Africa and Latin America as new international projects ramped up. halliburton-announces-third-qua…
The Bigger Picture
This isn’t a sign of weakness — it’s a sign of discipline.
Producers are keeping spending tight and targeting the highest-return projects. Halliburton is responding by emphasizing stimulation, completions, and digital services — areas that generate stronger margins.
Key Quote
“North America revenue… driven by increased stimulation activity in U.S. Land and Canada… partially offset by lower cementing activity in U.S. Land.” – Halliburton Q3 2025 release halliburton-announces-third-qua…
Takeaway
Even with lower cementing volumes, Halliburton’s North American business remains strong — powered by tech-driven completions, automation, and machine learning tools that enhance efficiency. The focus is shifting from volume to value — and Halliburton appears to be managing that transition well.
